NEW YORK (GenomeWeb) – Foundation Medicine's stockholders today approved Roche's pending offer to take a majority stake in the company.
In a special meeting, shareholders of the Cambridge, Mass.-based cancer molecular diagnostics firm voted in favor of all the proposals related to the Roche transaction, which included its offer to purchase up to 15.6 million shares of Foundation Medicine stock for $50 per share and an additional 5 million newly issued shares for $50 per share, as well as commitments to invest in R&D.
Roche initially made the offer, worth up to $1.2 billion, in January. At the time, Roche said that in addition to the tender offer it would also invest more than $150 million over at least five years in R&D, focusing on genomic profiling tests for immunotherapies and continuous blood-based monitoring.
The pending transaction is subject to the successful completion of the tender offer, which is scheduled to expire at the end of the day on April 6.